The AFR notes that "National Australia....>

AUSTRALIA: The AFR notes that "National Australia Bank chief executive Philip

Chronican has dismissed calls for an interest rate cut when the Reserve Bank of

Australia meets next Tuesday, saying it was unnecessary and would do little to

stimulate the economy. Speaking at the bank's half-year results in Sydney, the

acting CEO and chairman-elect made it clear a rate cut was unlikely to deliver

any economic benefit. "Whether or not there is an interest rate cut I don't

think it will have much effect and I don't think that the last two had much

effect either," Mr Chronican said. The veteran banker, who has run the

Australian arm of ANZ bank and was chief financial officer of Westpac, said an

official easing in interest rates would do little to improve the borrowing

capacity of most customers and was unnecessary. The comments are in contrast

with comments from his counterpart at ANZ, Shayne Elliott, who said on Wednesday

there was evidence a rate cut was needed."